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Abstract
How to escape from the “lost decades” is the most important economic policy target in Japan. For this target, we have to raise growth potentials. It is crucially important to destroy the vested interest structure in Japan for shifting from a stagnant economy to a dynamic one. For example, agriculture sector is a typical example of a vested interest sector in Japan. Reviewing the postwar experiences, I conclude private dynamism is the root cause of Japan’s high growth. Foreign competition, real or future competition, plays important role in destroying the vested interest structure and improving the efficiency of economic management in Japan.
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